joumanna: this is daybreak europe. san francisco fed president mary

daly says it is appropriate for the u.s. central bank to begin easing policy, echoing jerome powell's view on cutting rates. more from the interview ahead. asian shares sliding. libya's eastern government says it will shut down crude exports and output as dueling governments fight over leadership of the central bank. good morning and welcome to daybreak europe. if you were off yesterday, welcome back to the beginning of the trading week. what we got from markets yesterday was a mixed session for wall street. we have the dow make another record high, s&p about 0.6% away from all-time highs, but the

nasdaq index struggled a little bit heading into those nvidia earnings coming through tomorrow. we will be discussing that on the show. futures are leaning towards the agreement it comes to europe. european stock futures tilting to open higher. s&p not doing much and the nasdaq leaning towards green. let's talk about other assets on our radar. one of the major themes we have been following is the market pricing of course of the fed as that pertains to u.s. interest rates. still around 100 basis points of cuts price to and from now until the end of the year, which makes for a little bit more than 25 basis points cut for upcoming meeting. perhaps they go for 50. the dollar not doing a lot today but the theme has been one of weakness, down 3% over the course of the last month. brent, a lot of focus on the energy complex yesterday, coming

off a high intensity weekend of tit for tat and escalation between hezbollah and lebanon and israel had somewhat of a constructive impact on the energy complex, but what we really saw later in the afternoon was the impact from libya disruption, supply disruption coming through. that pushed up the price of oil 3%. even though we have come off now, the libyan disruption israel and will have an impact. we will talk more about that on the show. let's talk about how asian markets are faring in singapore. avril hong is standing by. just give us an overview of what you are watching this morning. avril: we are seeing asian stocks mostly negative territory.

looking to adjust policy rates for several months. we need more confidence inflation was truly on the path to 2% and i wanted to see the

labor market come into balance but i think that has happened. the time to adjust policy is upon us. joumanna: let's get more from mark cranfield. it appears mary daly is also on board for a rate cut but market pricing is pricing in about 100 basis points of rate cuts price 10 into the pricing of the pricing of what's being priced in by the end of the year. is that a possibility? minmin: it certainly is. there's enough data to come to settle that argument. it's really about how far behind the curve the fed is or whether they are behind the curve at all and they will probably be frightened by what they see in the chinese consumer information that avril was talking about. that may will spread across to the u.s. and that's been a strong part of the economy. we are seeing cracks appear in

the market. if consumers start to buckle in the u.s. as well, traders will start to think the u.s. is behind the curve in the fed will need to do a bigger rate cut either in the september meeting or following meetings. there is still enough data to push people to think they will be on the table. we have a strategist in new

york, macroman. the terminal shows no single stock has this kind of impact thaad in 25 years on the market. it can shift the s&p 500 by 1% on its own. that's extremely rare for a single company. that's why the market is pricing for such a huge divergence. whatever happens, the market is expecting to swing around 10% in either direction, could be more. that's why people are putting so much at stake for nvidia's result. either they achieve what they have done many times, they beat expectations the last two years every quarter. you can see the stakes are high. if there's disappointment, we can see a huge setback. it could cause a spiral across markets, everybody will need to know about it, and they could

all be on the back foot. it will be a lively period as asia and the rest of the world reacts to whatever nvidia has to say. joumanna: that's exciting. a couple days coming up. mark cranfield, thank you. the nasdaq ending the day in the red with tech mega caps sinking ahead of those nvidia results. more on what to expect from reporter annabelle droulers. i was just reading a statistic from one of our colleagues saying typically, on the last two reporting days, over 200 billion dollars were added in market cap to nvidia, substantial numbers. what are we expecting from these upcoming earnings? annabelle: as mark was just saying, nvidia results are a macro effect these days, exceptionally important to traders and investors. the expectation is they will be

fairly solid. revenue adjusted earnings, we are expecting them to around double. the bloomberg intelligence team is expecting a beat on that and a brighter outlook for the third quarter. these are all positive factors. the ai story could remain intact. what else we want to know is the outlook for the blackwell chip lineup, the next generation ai chip thing. we are seeing delays to the rollouts of these that has already affected the share price. can we get any reassurance for management as well? a key market report for the overall direction of where we go for trading given we don't have a precedent for a company reach in such a heavy weighting in such a short amount of time. joumanna: i feel like every time we going to nvidia earnings, we keep talking about how the bar of expectations is set so high nvidia could not possibly beat and yet they have an added $200 billion.

the question is how long is this move likely to be sustained? how long can they keep up this momentum of pleading? annabelle: the question around sustainability and longevity, really, what it comes down to is how long we can see or wait for it to start showing up, because when you think about the frenzy, we have been hearing for big tech companies that have said we are waiting for that investment to pay off in ai. so how long this lasts till when we can start to see monetization and how long investor patience lasts with it but of course nvidia is in a good position now because its biggest customers, microsoft, meta, alphabet, etc., are in good positions and have lofty valuations, and are in an arms race to dominate ai, which

means they are happy to keep lining up for those nvidia chips for now. joumanna: excellent preview. that was annabelle droulers. bloomberg will sit down exclusively with nvidia's ceo on bloomberg technology on wednesday at 11:30 p.m. u.k. time, so stay tuned for that interview if you are up that late. speaking of, we have a couple data points we are watching out for. 10:30 a.m. u.k. time, the german five-year auction. interesting to see how demand will come through for that given the rally over the last couple weeks. that's the five-year option taking place at 10:30. 3 p.m. u.k. time, watch out for u.s. consumer confidence, another data point to market will be watching for, not a significant, but another sign and reflection of how u.s. consumers are feeling about the u.s. economy, and at 3 p.m., watch out for ecb speak.

we get nagel speaking, the bundesbank president, known as one of the more hawkish members of the committee, ahead of a meeting possible out of the ecb in september. will be interesting to see if they are also coming around to the view that maybe it's time for another rate cut. you can get around up the stories need to know to get your day going in today's edition of daybreak. terminal subscribers can go to d.a. why bigo -- to d.a. why -- dayb . you'll see mary daly's comments. facebook being pressured to pull covid content. that's our daybreak page today. also coming up, libya can add to

oil supply woes as duly governments fight for leadership of the central bank. more next. this is bloomberg. ♪

joumanna: welcome back. libya's eastern government is threatening to stop all oil production and exports nationwide, the latest move in a struggle with its tripoli based rival for control of the central bank in the nation's energy riches. crude has settled off after a three-day rally after the potential hold in supply is overshadowed by a shaky demand outlook. let's get more with bloomberg's middle east energy reporter, anthony. how significant is this? >> this could be a big step

because the amount of oil libya usually produces is more than the amount of oil the market is worried about in terms of oversupply. we have got lots of non-supply coming to the market. opec-plus is going to bring back some oil back to the market sometime this year, so the market is looking at a surplus this year and next year. they have been averaging about 1.5 million barrels a day over the last three years. that would be more than the surplus and would balance the market. but of course this is a political step by the eastern libyan government looking to put pressure on this issue. so we would not expect they would be able to keep that oil off the market for long, because this is what libya needs to run the government. joumanna: it seems to me that if you want to think about the impact it's going to have on the

price of oil, the question is just how long these disruptions will go on for? yesterday, straightaway on the news, the price of oil went up about 3%, but surely where it goes from here is just a function of how long these disruptions last for. anthony: how long will be the key issue but potentially we don't get clarity on that. this is a political decision so just as the eastern government is making a political decision to go with the shutdown they could reach an agreement with the other opposing government in libya and make a political decision to restart. the eastern government controls most of the oil, about four export terminals, and the largest fields there. there's a little bit that could come out of the west, so there could be some trickle. we have heard some companies say they will gradually bring production down, so that's also a question as to when that oil does start to come out of the market. the eastern government has

declared force majeure, so it means they can interrupt though shipments. joumanna: if you look at the history of libyan oil production, and we have a chart on this, it has tended to be quite volatile over the last decade or so, for obvious reasons, because of the political changes, political turmoil, different, competing interests, the east and west, these finally brokered deals. does it come as a surprise to the market that we are witnessing yet another disruption in libya or is it something analysts assume comes along with the territory? anthony: libyan production has been super choppy. we have seen a relative bit of stability, you know, when you look at the last decade of libya, the last 3.5 years, we have seen some relative stability since the end of the pandemic, but there are ups and downs. we do have some outages now because of maintenance. there's not enough maintenance going in there, not enough to work to keep up those fields and export terminals, so these

things do happen. libya is outside of the opec-plus quota sphere, so they are trying to give libya a time to bring that production backup. we are still below the 1.6 million barrel a day level that they had prior to the overthrow gaddafi, prior to the uprisings and issues that have affected production, but they did get back to this kind of million barrel a day stable area, but yeah, people are used to seeing these going up and down in terms of libya, so people are not really banking on libya in terms of making their balance, so this is one of those wildcards that's out there, but again, it is -- even if they are not in the quota system, it is opec production coming out of the market, production that now is flowing mainly into europe, so that's an issue there, but europe can draw on a lot of u.s. production of crude. joumanna: always fun to talk

about oil markets in the drivers of those markets. that was energy markets reporter anthony di paola. the international atomic energy agency director, the iaea director, rafael grossi, says he will be leading today's mission to the kursk nuclear power plant in the situation. it comes after russia fired drones at cities across ukraine yesterday targeting energy infrastructure. joining me as jonathan tirone. the iaea warned of a true noble style accident at russia's kursk nuclear power plant. that does sound very, very alarming. what is the current state of play right now? anthony: the director general -- jonathan: the director general is on his way and it concerns in the industry that any additional

threat to the nuclear power station because of the war between ukraine and russia will have grave impact on the global industry at a critical point when more carbon free power is needed to mitigate climate change, so he's on his way to assess the situation. the reactor in kursk is unique because it uses an old, outdated soviet design that does not contain some of the features, modern features of new reactors that would contain a radioactive release in the event of an accident. joumanna: and how does this specific nuclear power plant compare to the one in ukraine, the sen. reed: ship -- the zaporizhzhia power plant? what of -- what are the distinguishing features of the kursk plant?

jonathan: it comes down to what's called the secondary containment structure, which is this large concrete and steel dome that is a feature of the zaporizhzhia plant and most modern plants. you might have seen the pictures of edf lifting this giant delmont to hinckley during the construction process in recent months. that is there to prevent a radiation release in the case of an accident. it also would prevent -- help to prevent -- artillery or an errant shell from entering and disturbing the reactor. this target rich environment of the kursk nuclear plant is endangered. it's not just the two operating reactors with the design flaws. there are also two very expensive brand-new reactors that are under construction that i'm sure they are concerned about. one of those is scheduled to

come online at the beginning of next year. there are also spent fuel ponds, two additional reactors in the process of decommissioning, so these are very complex engineering sites with a lot of targets, a lot of sensitive sites, and the iaea is going there to ensure there's not a safety risk. joumanna: yeah. and just quickly, how long is it going to take for them to assess all of these risks? jonathan: i mean, the iaea has had on-site presence at zaporizhzhia for two years now and they are not able to unequivocally say who is responsible for the occasional drone or rocket attacks that have come near the periphery of that site, so we are not expecting a conclusive assessment today by the iaea. what is more likely is that they will develop a relationship and perhaps commit to more visits,

essentially be able to monitor more frequently the risk at the site as the ukrainian incursion into the region continues and military conflict continues. joumanna: yeah. very clear. that is something we will definitely be keeping an eye out for. jonathan tirone from vienna, thank you so much. plenty more coming on daybreak europe. stay with us. we will be back. this is bloomberg. ♪

joumanna: welcome back to bloomberg daybreak: europe. here's a look at some of the other stories we're following today. apple has sent invitations for a product launch event on september 9 where is expected to announce details of the iphone

16. the theme,, is glow time, is a reference used to something used by the new siri assistant. appl's longtime cfo will step down, handing the role to his top deputy. edgar is dropping out of a bidding war for paramount global. he made a proposal to the firm last week challenging an offer from's guidance media. scotty is accused paramount -- sky down's -- another suitor. the hp's full-year profit edges higher even as china's -- iron ore. we will hear from the ceo in just a few minutes. this is bloomberg. ♪ and i had to avoid him instead of hitting him. i got a good settlement for it and everything, and dad helped me to go out

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joumanna: good morning, this is "bloomberg daybreak europe." i'm joumanna bercetche in dubai. san francisco fed president mary daly says it is appropriate for the u.s. central bank to begin easing monetary policy, echoing jerome powell's view on cutting rates. more from our interview ahead. asian shares sliding as focus shifts to nvidia's much anticipated earnings report tomorrow. libya's eastern government says it will shut down crude output and exports as the dueling governments fight over leadership of the central bank. let's get a check on how markets have fared. you can see that european futures are leaning towards the green. the ftse 100 up 0.4%. the nasdaq, which closed down 1% yesterday, nervousness ahead of nvidia earnings, also leaning towards the green, up about

0.1%. also want to flight s&p now is 0.6% away from its all-time highs. the dow has breached all-time highs. a far cry from where we were three weeks ago when we were talking about that huge vol/var shakeout. the catalyst was the nikkei market's underperforming. since then we have recovered and somewhat more for most futures markets. let's take a look at some other cross asset instruments we are tracking. namely, the pricing of u.s. interest rates. we have got about 100 basis points of interest rate cuts priced in. about 30 points for the september meeting. the 10-year not doing a lot today but sitting below 4%, 3.82%. dollar trading sideways but weaker, the theme has been one of weakness, as the market comes to terms with the dovishness out of the fed, specifically fed chair powell. and then brent, we're slightly

weaker today, sitting at around $81 but we did jump 3% yesterday, after it emerged that libya was looking to stop oil production and reduce some of their exports. that is having impact on oil supply numbers, which is why we did see that big jump yesterday in pricing. speaking of energy, shares in woodside energy are higher this morning. after the oil and gas producer reported income for the first half year that beat estimates. but the company posted a 14% decline in underlying profit on softening lng races. -- prices. the ceo told bloomberg market is nervous ahead of a cold winter. >> 2022 was really anomalous. that was the year when the ukraine conflict began. that triggered significant rewiring of global gas markets with lng needing to be pretty

suddenly rerouted into europe to help europeans keep the lights on over the winter time there. what we have seen in 2023 and the first half of 2024 is stabilization of prices, but what we see in the forward curve particularly in asia, is a tick up versus what we would call a typical pricing level. that's a sign to me that the market is finely balanced. gas is a seasonal commodity. when winters are cold, gas is often the energy source that gets called on in a disproportionate amount. so the price levels we see in the forward curve are indicative that the market is nervous about a cold winter and what that might mean and the customers trying to get ready. joumanna: that was meg o'neill, the ceo of woodside energy. bhp is warning of more volatility in commodity markets, as china faces an uneven recovery. the mining giant's shares rose

2% after full-year profit met expectations, despite lower demand for its iron ore in china. bhp's chief executive spoke with haidi stroud-watts. >> bhp is a long-term company. you can see coming through our results this time around, this consistent focus on operational excellence, and that is delivering industry leading returns for the capital we have deployed in the business. wheat revealed more this time to shareholders about the growth outlook for copper which is attractive long-term as the global population grows, we see further urbanization and the decarbonization theme play out. the overall global picture is one of 3% growth the next couple years, similar to last year. we see momentum build in a number of the major economies globally, and india is set to remain the fastest-growing major economy. in china, a mixed picture, we're

seeing strong growth in segments that are important for commodity demand, that includes automobiles, machinery, infrastructure, shipbuilding but the property sector which makes up 20% of steel demand is weak. his been weak for some time. we have seen fairly low levels of sales and new starts but the chinese government is enacting policies to address that, that includes relaxing constraints on property purchases. there is a government program to mop up some of the excess inventory. we expect those to start to have effect through 2025. all of that pains a picture of a view that china will be able to hit its 5% growth target for the year, assuming the policies they are enacting get carried through. for iron ore what does that mean? another billion tons less year of steel demand, reasonably healthy iron ore demand lb at under a little pressure

currently, and bhp is well-positioned given that we're the lowest cost supplier. we have stretched the lead on the cost front yet again this year. and we're achieving better pricing outcomes than the competition. certainly well set even for a bit of short-term weakness in the market and at a portfolio level, the company is well-positioned for the future. >> do you see further production cuts as inevitable in china? we did see losses for chinese steel mills deepening the last month. does that impact your forecast of demand going forward? have we had a bottom for steel mills in china? >> what we've said is we think steel demand is plateauing around one billion tons plus. there will be variability within the tens of millions of tons in and around that. and longer-term, we expect steel demand, just like the pattern that has played out in all major economies.

that overtime was an economy moves past its steel intensive early development phase, it will become less steel intensive, and will see contraction in demand and overtime that will weigh on iron ore demand. it's one of the reasons we have worked so very hard to set the business up for the future of more heated competition. we have moved to the bottom end of the cost curve. and we have improved the quality of the product suite we are offering. that is giving us great returns. near term, we're seeing price pressure, but bounded on the down side by a lot of high cost supply in the 80 to $100 per ton range, and it would take a lot for the market to push below that to prices that would be sustained at lower levels. joumanna: that was the bhp ceo mike henry speaking earlier. bloomberg's commodities reporter martin ritchie joins me to analyze these results. i can't help but think when i

listen to the ceo that he is drawing a distinction between the old economy and the new economy. the old economy in china being property, steel intensive, and for them a key source of demand for iron ore. the new economy being the electric vehicles, the green transition, of course, copper will be the main asset china needs. to what extent is china's old economy and the weakness in the property sector casting a shadow over bhp's earnings today? >> you've hit the nail on the head with the message that bhp wanted to send out. this wasn't an overly negative set of results. the commentary was a little more downbeat than usual. as you said, mike henry, the ceo talked about a major transition underway in china's economy. the key thing they wanted to

point out is that the property sector is shrinking source of revenues for them. that number he gave on in interview for 20% of steel demand comes from housing instruction. that's a very low proportion versus the boom years of the property market over the past 20 years. again this feeds into how he is thinking about the portfolio. he was asked in that tv interview, will there be another bid for anglo, or anything of that sort? i'm not sure he answered the question directly but he talked about the need to focus on growing their copper portfolio. because that's where the demand lies in future. joumanna: one of the reports i'm reading said they did a quick keyword search. the word copper appears 78 times, the word iron ore appears 14 times.

that in itself is demonstrative of the strategy here. do your point about this emphasis on copper, where is that growth going to come from? there was that failed bid for anglo american. if not from acquisitions, where does the growth come from? >> it's a very good question. what he pointed out was that the copper market this year and early next will remain fairly soft because of that chinese demand slowdown. as consumption from electric vehicles and renewable energy from data centers ramps up towards the end of the decade, mies -- mines will strugge. the hp have good assets. there will be other m&a opportunities for them but in the copper market, these are fairly few and far between. but bhp should just by virtue of

its size and scale be better positioned to take advantage of them than other companies. joumanna: bloomberg commodities reporter martin ritchie, thank you for the analysis. also coming up, chinese ev maker seek ways to get around european tariffs. we will hear about x peng's strategy to. -- strategy next. this is bloomberg. ♪

joumanna: welcome back to "bloomberg daybreak europe." xpeng is looking for a manufacturing site in europe as the chinese ev maker tries to mitigate the impact of european tariffs. the chief executive said in an exclusive interview that the firm is working with partner volkswagen to select a site in the eu. >> volkswagen has more strength

on globalization, quality, manufacturing and supply chains. we have more advantage on artificial intelligence, software and electrical and electronic structure. i hope we learn from volkswagen's strengths to make up our shortcomings. joumanna: happy to say that bloomberg's transport reporter danny lee joins me now. just hearing about that, volkswagen's chinese ev maker is making moves into europe despite tariffs, what does this tell us about the impact of tariffs? >> for brussels, this is good news. the fact that we have more chinese companies looking to localize in europe. for someone like xpeng, an upstart in china which has made waves in the chinese auto space, it is seeing europe as an important market needs to be in. the fact that has had europe will be somewhere it will look to build production, it's one of

the first announcements it has made of having any production site outside of china. it's also important for volkswagen. xpeng is its chinese ev partner here. volkswagen has struggled in the past with his ev strategy and for someone with more depth that selling and making ev's, someone like xpeng, this is good news to have someone in the european market who may be better at knowing what consumers might want frankly. but this is an important step for brussels. having a more localization. joumanna: but it is not just europe that has imposed tariffs. today we have been talking about canada pushing back against the threat of chinese ev's flooding their market. they are taking a more aggressive approach. >> canada is announcing 100%

tariffs on ev's,.it is very much aligned with its neighbor on taking a tough approach, protecting a core industry, one that creates a lot of jobs, lots of revenue but there is politics involved. very much canada pushing back harder but it spreads from not just deterring the chinese ev maker is, but also, what they are selling when it comes to ev's, hybrids and the subsidies potentially on offer. there is a strong reports back from canada. it goes to show the kind of choices countries are making when it comes to china ev's and tariffs. joumanna: how significant are the chinese ev imports into canada to begin with? is this more of a symbolic move or will it fight economically -- bite economically as well?

>> it is more symbolic for someone like canada because chinese ev maker's are not necessarily in canada at the moment. byd which is china's biggest and best selling carmaker is looking to enter the canadian market. but when you have a few markets which are closed out, there are still a lot which you can sell around the world. joumanna: dani, always a pleasure to chat. that was bloomberg's danny lee transport reporter. now to some stories making news today. telegram ceo pavel durov is being questioned in france over claims the messaging service failed to properly fight crime on the app. the paris prosecutor's office is looking into allegations including refusing to help authorities run legal wiretaps on the sale of child sexual abuse material. the magistrate asked decide by tomorrow night whether to charge durov or name him as a witness

and let him go free. macron is continuing talks on a prime minister today after ruling out a government that left the leftist candidate, who he said would have been immediately rejected by the other groups. macron says he sees a centrist coalition as the most likely path forward. spacex delayed the launch of a rocket set to carry four private astronauts who plan to perform the world's first commercial spacewalk. launch originally scheduled this morning was called off to check a ground site helium week. the launch has been postponed to don tomorrow at the earliest. we will be back in a moment. this is bloomberg. ♪

joumanna: i'll come back to "bloomberg daybreak europe." san francisco fed president mary daly believes it is appropriate to begin cutting interest rates. daly told us the time to adjust policy is upon us. >> to my mind, we've been on this path of ready to adjust policy rates for several months. we just need to get a little more confidence that inflation is truly on his path to 2%. and i want to see the labor market come into balance but i think that has happened and the risks to our goals are now balanced and the time to adjust policy is upon us. >> is there anything that could derail a cut in september? >> hard to imagine at this point. i do see that adjusting policy is appropriate. we don't want to get in a situation where we are keeping policy highly restrictive into a slowing economy. every time inflation comes down, the policy gets more restrictive

. that's a recipe, if you will, for over tightening and injuring the labor market and growth. >> the open market committee said coming out of the meeting that the downside risks are greater to unemployment than to inflation. how big are the downside risks to employment right now? >> that's a very important russian. we have to keep that in mind because the labor market when it starts to adjust often has adjusted abruptly and significantly. right now we don't see any signs of that. you look at initial claims for unemployment insurance. early indications of layoffs. they are just not present. that is not giving any signs that there is a deterioration. as you know, those verve bank president spent considerable time talking to businesses and workers, we are not hearing signs that firms are poised for layoffs. they are managing headcount, making sure they really want to

refill a job before they do it, but at this point, i don't see any weakness, but we want to make sure we are adjusting policy as we go. so it is ready for the economy we have and the economy we are likely to get and ensure we don't end up in that situation. joumanna: that was san francisco fed president mary daly. adding to some of the more dovish fed speak the last couple days. jackson hole a big catalyst for the market. we saw a strong rally on wall street towards the end of the week. you can see from this chart that shake out a couple weeks ago, it has been fully recovered now in the s&p 500, we're 0.6% away from those all-time highs. we have completely pared the losses. the dow has made new record highs. there is nervousness ahead of nvidia results tomorrow, which is why the nasdaq faltered yesterday, but speaking of, this is nvidia.

take a look at that. the last couple of earnings reports, the stock has gained more than $200 billion in the one day after the report came out. 270 $7 billion of market cap added in february, 218 billion was added earlier this year in may. this speaks to number one, how huge the company is, and number two how much embedded volatility there is in that stock. reading another statistic by our team over here. nvidia has dethroned to to become the most traded stock this year with an average of $40 billion of shares trading hands every day so far. bloomberg will sit down exclusively with the nvidia ceo jensen huang on "bloomberg technology" on wednesday at 11:30 p.m. u.k. time stay tuned for that one, it will be huge market moving, it will be a big driver not just for stockmarkets but across all

assets. i want to end with a chart i thought was interesting because we spent a good chunk of the show today talking about new tariffs on chinese electric vehicles. but one of the other themes that came out from the earnings season is that carmakers have been struggling somewhat with ev sales. look at the impact that has had encore materials that go into these. the prices of lithium and cobalt slumping 20% over the last year or so, namely because of slower growth will -- slower global ev demand. that is having micro impact on the price of some of these commodities. there will be a lot more coming up on the rest of these shows. we will speak with former eu trade commissioner about those ev tariffs. it is not just europe applying the tariffs but canada coming out with their own announcement overnight mirroring that of the

u.s. we will be talking about tariffs and later on we will switch to talk about the airline space with ryanair's growth outlook with the ceo of michael o'leary. stay tuned for those important interviews as we piece together how markets will be trading into that all-important nvidia result on wednesday. don't forget pce numbers on friday. that was "daybreak: europe" the opening trade is up next. this is bloomberg. ♪

kriti: good morning, i'm kriti gupta